Dimension closes $800 million third fund for AI and science bets
The New York VC firm now manages $1.65 billion and says capital is shifting from software into compute, biotech and deep tech.
By Ingrid Halvorsen · Venture Capital Reporter
· 3 min read
Dimension has closed an $800 million third fund, lifting the New York venture firm to $1.65 billion in assets under management as it keeps investing across AI infrastructure, hardware and biotechnology from the same pool of capital. The fund, Dimension III, is 60% larger than the firm’s $500 million prior vehicle, which closed in December 2024.
The firm was founded in 2022 by Nan Li, Adam Goulburn and Zavain Dar. Dimension says it has backed 35 companies to date, with check sizes ranging from a few million dollars in early-stage rounds to more than $50 million in later-stage transactions. Its mandate spans seed rounds, crossover financings, IPO anchors and post-IPO deals.
That breadth is the firm’s pitch to founders and LPs: AI infrastructure, chips, physics, machine learning systems and biotech are converging fast enough that a sector-specific fund may miss the handoffs between them. Dimension said in a letter that advances once expected to take years are arriving in months, and that more capital and talent are moving out of traditional software and into frontier science and deep tech.
Anthropic stake came through a biotech sale
One of the more unusual details in Dimension’s portfolio is its exposure to Anthropic. Dimension lists the AI company as a portfolio holding through Coefficient Bio, a drug-discovery platform the firm co-founded. Anthropic bought Coefficient Bio in April 2026 for about $400 million, according to reports cited by Dimension, converting Dimension’s interest in Coefficient into equity in Anthropic.
The size and terms of Dimension’s Anthropic stake were not disclosed. Anthropic has become one of the most closely watched private AI companies, so even indirect exposure is likely to matter in fundraising conversations. The deal also underlines Dimension’s thesis that AI model companies and scientific tooling companies are no longer separate venture categories.
Portfolio spans compute, biotech and world models
Dimension’s disclosed holdings include Modal, an inference company the firm has backed across three rounds, and Monte Rosa Therapeutics, a protein-degradation biotech where Dimension co-led and structured an overnight offering in 2024. It also backed Odyssey, a world-model company, where it led a crossover round and co-anchored the IPO.
The firm co-led Chai Discovery’s $30 million seed round in 2024. Chai Discovery later raised $400 million at a $3.8 billion valuation. Dimension also invested in NewLimit, the anti-ageing company co-founded by Coinbase CEO Brian Armstrong, at its Series A in January 2025.
Other transactions include a secondary deal in Biorender and financing rounds for Enveda Biosciences and Tamarind Bio. Dimension says its portfolio companies are based across the US, Canada, the UK, Switzerland, Germany, China and India.
The timing lines up with a broader funding shift. Boston Consulting Group has said deep tech’s share of global venture funding doubled over the past decade, from about 10% to 20%. Dimension’s growth from a young firm to $1.65 billion under management shows how quickly that thesis has become mainstream among venture investors. The harder test is whether a strategy built to cross sectors and stages can keep its edge at an $800 million fund size.
This story draws on original reporting from TechFundingNews.
